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Mortgage Broker News | Originator Newsletter
Stories about mortgage brokering and broker programs. Profiles of successful mortgage brokers. Articles about mortgage brokers who excel at other activities. Broker lawsuits and criminal broker activity.

Brokers Cheer Fed Rule

NAMB issues news release

Aug. 16, 2010

By staff

Mortgage brokers hailed the Federal Reserve Board's final rule on loan originator compensation.

The final rule issued today by the Fed levels the playing field for all originators, according to William Howe.

Howe is the president of the National Association of Mortgage Brokers.

"The rule allows consumers to shop for a loan through a level playing field of all loan originators, regardless if they work at banks, lenders or credit unions," Howe said in a statement. "NAMB has long advocated for all loan originators to be treated the same, and the final rule does just that."

The Fairfax, Va.-based trade group called the rule a benefit to consumers because it prevents unfair, abusive and deceptive lending practices. It also stops originators from steering borrowers into less favorable terms so that they can increase their compensation.

NAMB said the rule additionally establishes safe harbor requirements to ensure that the borrower's best interest comes first.

Howe called the rule "a great consumer victory."

"NAMB believes the final rule will lead to better financial understanding for consumers," he added.

In-Depth Look at New Rules
A dizzying number of mortgage rules issued this week impact disclosures, compensation and servicing. Proposals were also made for reverse mortgages. Here is a comprehensive review of the rules.

Brokers Warn of Job Losses
Mortgage brokers warn that they will be laying off employees as a result of new requirements under financial regulatory reform legislation passed by Congress this week. At issue is dual compensation -- where the borrower pays some of the loan fees and the wholesale lender pays some of the fees. But brokers and lenders will have another chance to impact the regulation through the rulemaking process.

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Mortgage Compliance News | Mortgage Compliance Newsletter | Mortgage Regulations
News about complying with mortgage laws, rules and regulations.

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